Bupa customers to receive $315 million in pre-Christmas cashback
Bupa has more than doubled its previously announced cashback, with customers now to share in a $315 million pre-Christmas cashback from COVID-19 related savings.
The $315 million total cashback represents an extra $160 million announced today on top of the $155 million committed in June this year.
This takes Bupa’s total announced financial support to customers since the start of the pandemic to about $800 million.
Bupa will start paying the cashback in October, with Bupa’s 1.7 million eligible policyholders to receive between $35 and $314, depending on their policy and location.
Bupa Health Insurance Managing Director Chris Carroll said Bupa made a pledge to its customers at the start of the pandemic that it would not benefit from COVID-19 and is honouring this commitment.
“We know many Australians are doing it tough because of higher inflation and rising cost of living pressures,” Mr Carroll said.
“This cashback will be a pre-Christmas boost to help with those additional costs that can mount up towards the end of the year.”
Since the start of the pandemic, Bupa has committed to return about $800 million to its customers through cashbacks, premium deferrals, financial assistance for impacted customers and other support programs.
This latest cashback will be available to all domestic Australian resident policyholders who had private health cover with Bupa for a minimum of three months between 1 July 2021 and 30 June 2022, excluding ambulance only and overseas visitors and students with hospital cover.
The savings will be returned as a cash payment to eligible policyholders using the same bank details from the previous cashback.
“We want this money to land in our customers’ bank accounts as soon as possible, so I encourage anyone whose banking details may have changed since the last cashback to update their details via the Bupa website,” Mr Carroll said.
How Bupa has helped during the pandemic
Bupa’s COVID-19 announced commitments are $800 million comprised of:
- $315 million pre-Christmas cashback announced today
- $22 million premium increase deferral extension to 1 November 2022
- $146 million six-month premium freeze announced in early 2022
- $120 million cashback announced September 2021
- $134 million six-month premium freeze announced in early 2020
- $58 million financial hardship package from 2020
- $5 million mental health support package from 2020
